Social Security Program: Ways to Maximizing Retirement Benefits | The Money Times

Social Security Program: Ways to Maximizing Retirement Benefits | The Money Times

Nearing retirement, and wondering when to apply for security benefits? Well, more years of work could mean a better life post retirement.

The government's social security program, has definitely made it is easy for the baby boomers to plan retirement.

Also termed as the Old Age, Survivors, and Disability Insurance (OASDI), this is one of the largest insurance program in the nation that is funded from payroll taxes.

As per this program, a fixed percentage of a worker’s earning is transferred directly into the social security funds. Consequently, these funds aid the current recipients of social security benefits. And the cycle goes on.

Though the program assures returns, the benefits can be increased or decreased depending on certain conditions.

So if you are nearing retirement, consider the following guidelines to attain the maximum benefits from social security program.

Know Your Full Retirement Age
Before applying for social security, determine the age when you want to start attaining benefits. Earliest age from when you can start enjoying the benefits is 62 years.

For instance, if you are born in 1956, then your full retirement age is 66 and 4 months. If it's 1960 and later, then full retirement age comes to 67.

How Does It Work?
In case you decide to claim it at 62, then a certain percentage is deducted till you attain your full retirement age. As a result you will get less benefit.

Interestingly, if claimed at full retirement age, then you are likely to experience more benefits.

But if this program is claimed after full retirement age, then you certainly get to enjoy increased benefits.

In short, more years of work leads to increased income that further results in more retirement benefits.

When Social Security Benefits Are Reduced?
As you are aware of the full retirement age, avoid applying for benefit at the age of 62.

If you are single, young and have less savings, it is advisable to work for more years to yield more benefits. As once you apply for these benefits, then a certain amount will be deducted till you attain the full retirement age.

Also, the social security benefits get reduced in case if you earn in excess of your annual earnings limit before reaching the full retirement age.

Should Benefits Be Attained at 62?
Claiming benefits at this age is recommended for people with health issues and shorter life expectancy. Even those who are married can consider this.

Also, if one can bear a reduction in their savings, he can claim benefits early.

Delaying Social Security Beneficial
The retirement benefit is based on the amount you earn while working. In a nutshell, the more you work, more benefits you enjoy. The benefit also depends on the age you retire at.

Try doing work till full retirement age in order to enjoy program benefits. In case of illness, disability, or any major issue, opting for such benefits at 62 will be a better option.

Marriage and Divorce Are Incentives
If your spouse starts taking social security benefits and you are 62 or of more age, you can apply for your own benefit.

If your spouse receives more than double of your amount, you can apply for a portion of your own benefit as well as a portion of your spouse’s benefit.

In case you are 62-years- old and divorced after 10 years of marriage, you are eligible for these benefits in case your ex-spouse starts taking social security benefits.

Option for Resetting
Such security programs have an option of resetting. If you have started enjoying the benefits and you want to stop to enjoy such benefits later, then can have the program reset.

For this, you might have to return the benefit you received till that time, but it will be interest free. No extra charges will be deducted by the government.

Samir Soni may lose his temper, says Begum Nawaazish Ali | Total Filmy

Samir Soni may lose his temper, says Begum Nawaazish Ali | Total Filmy

Begum Nawaazish Ali, who got evicted in the third week of 'Bigg Boss Season 4,' was questioned by the host, Salman Khan to reveal the name of a person who might lose his temper and Begum took Samir Soni's name.

Interestingly, Begum revealed that Soni has been controlling his anger for long. The 'Fashion' thespian also seemed unhappy with Manoj Tiwari being the captain of the house.

But if Soni reacted in an unexpected way, it could give way to more differences in the 'Bigg Boss' house.

Begum speaks on Shiv Sena protests
Though Begum did entertain the contestants and the viewers with her style, she turned out a weak contestant comapred to Shweta Tiwari and Veena Malik.

Even Begum felt that the failure to entertain the audience was one reason behind eviction.

When Begum was briefed about the Shiv Sena protests and was asked to share her views, she replied that they are not living in 80s or 90s and have almost reached the end of 2010, and at this point of time, all should come together rather than indulging in violence.

Other 'Bigg Boss' updates
Well, 'Bigg Boss' has something really interesting this time.

Sara Khan, who seems to have found her new love in 'Bigg Boss' house, discussed about her and Ali Merchant relation with Shweta Tiwari.

Interestingly, Sara, who is re-thinking on her relation with Ali and is planning to start a new life after 'Bigg Boss', was spotted enjoying dance with Ashmit Patel after Salman Khan gave the house-mates a task of interacting with each other in sing-songmanner.

After Sara's increasing closeness with Ashmit Patel, there are rumors about their budding “love,” but Ali stills claims it to be “staged.”

Besides, the fitness master, Rahul Bhatt was severely punished by the 'Bigg Boss' for failing to accomplish the task of washing clothes.

Let's watch what happens in Manoj Tiwari's captaincy.

Novelist Shobhaa De walks ramp for Ritu Beri at WLIFW | Total Filmy

Novelist Shobhaa De walks ramp for Ritu Beri at WLIFW | Total Filmy

Latest reports reveal that columnist-cum-novelist Shobhaa De walked the ramp for her buddy, Ritu Beri, who recently received French's highest civilian honor award, on the opening day of Wills Lifestyle India Fashion Week (WLIFW).

Ritu's collection, 'Retrospective' was her “best of the best” collection. The designs on the outfits were a mixture of designs she made in 20 years of her career in the fashion industry.

"All of these designs on the ramp is all the work that I've done in my last 20 years, and it is from them that I've picked out the best ones to be showcased here. The ones that are iconic, timeless and still so wearable even decades after," said Ritu.

Apparently, Ritu selected Shobhaa De for her “ageless, timeless and classic appeal.”

Shobhaa De's confident ramp walk
On one side, where super-model Jesse Randhawa rocked the show in her pink show-stopper gown, on the other side, Shobhaa De walked the ramp confidently in her elegant black and white sari, along with a long and white bindi.

At the final bow, De, who referred the show “exciting”, walked the ramp with her latest released book, 'Shobhaa At Sixty', along with her good friend, Ritu Beri.

'Shobhaa At Sixty' is a book on “free spirited woman”. It states that 60 is not the end, it is beginning of a new journey. It changes the attitude of a person towards life. Even Ritu appreciated Shobhaa's latest book.

Commenting on her walk at Ritu's show, the 62-year-old elated writer said, “I might have been the oldest showstopper in the world... but yes, it was indeed very exciting. We were celebrating the spirit of women. Our message was that age has got nothing to do with life and experiments -forget age, do whatever you want to do!"

Ritu received France's highest civilian award
Now, even, Ritu Beri has joined the list of renowned artists like Lata Mangeshkar, Satyajit Ray, George Clooney and Bob Dylan, after wining the highest civilian award from the France government for immense contribution in the fashion industry.

Jerome Bonnafont, ambassador of France to India, said that Beri is a bridge between India and France.

While Union Home Minister P. Chidambaram, the chief guest at the event, appreciated Ritu's work and added that the “country is very happy, proud and delighted.”

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